TO LET

1 Waterloo Place

Edinburgh EH1 3BG

Prime Retail / Class 3 unit

(Adjacent to new £850m Edinburgh St James development)

1,754 sq ft

£90,000pa 

Location

The subjects occupy a position with unparallelled prominence on a corner position at the junction of Waterloo Place and Leith Street facing directly on to Princes Street and opposite the new main entrance of the new Edinburgh St James shopping and leisure development.  Edinburgh St James is due to open fourth quarter 2020 and will provide X shop units for their restaurants, hotel, leisure and residential accommodation as part of the overall offering.  The introduction of Edinburgh St James will redefine the shopping pitches within Edinburgh city centre with the subjects being located approximately 50 yards from the main entrance.

The unit also lies in close proximity to a number of hotels and Waverley Railway Station which handles in excess of 30 million travellers per year.

Description

The subjects are planned over ground and basement levels together with additional seating at mezzanine level whilst it is used as a restaurant.  We calculate the unit extends to the following approximate net areas and dimensions.

Ground Floor    1,123 sq ft

Mezzanine        155 sq ft

Basement         476 sq ft

 

Disclaimer to all particulars to be provided by client

Lease

The subjects are available on a new 15/20 full repairing and insuring lease from October 2020.  Rent Review is to be provided on a 5 yearly upward only basis.

Rating

The rateable value of the subjects with effect from X is £x.  After transitional relief and based on the rate poundage of £X, this rateable value will result in an estimated rates payable and the financial year of 2019/20 of Y.

Rent

Our clients are seeking rental offers in the order of £90,000 pa on a new lease exclusive of VAT.

Planning

The premises benefit from having Class 2 and Class 3 (restricted) consent and an alcohol refreshment license.  They could however be used for Class 1 retail as part of the Use Classes Order. 

Date of Entry

To be agreed but likely to be on expiry of the existing arrangement in October 2020. 

Legal Costs

Each party to bear their own legal costs incurred in the transaction.  The tenant will be liable for LBTT and registration dues payable on the lease.

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